In a recent interview, Porsche CEO Oliver Blume confirmed the German automaker plans to launch a sporty new all-electric SUV that will be positioned as a top-tier model above both the Cayenne and Macan. The new SUV appears to have been somewhat expedited as Porsche faces delays on its all-electric Macan SUV due to software development issues at parent company Volkswagen Group.
Porsche AG is a German sports car manufacturer with nearly a century of experience in going fast and doing so stylishly. Like many veteran automakers, Porsche has built its legacy upon combustion vehicles like the Cayenne, Boxster, and 911 Turbo. That being said, it has recently pivoted its vehicle development toward electric cars.
This EV transition began with the extremely popular Taycan, which is supposed to be followed by an all-electric Macan (more on that later). Following this early success of the Taycan, Porsche CEO Oliver Blume sped up the company’s EV goals to electrify 80% of vehicles by 2030
The all-electric Boxsters and/or Caymans are coming
The all-electric Macan, Blume stood pat on Porsche’s electrification goals for the decade, and even shared intentions for an additional EV model to come:
Porsche is pushing ahead with the electric offensive, and they are saying by the middle of the decade, Porsche will offer a 718 mid-engine sports car exclusively in all-electric form.
For those who are unaware, Porsche’s 718 models refer to the Boxster and Cayman two-seaters, so in addition to an all-electric Macan and the new top of range SUV, consumers may also see a Boxster or Cayman BEV by 2025 or so. That should be welcomed news for investors as Porsche looks to go public in Q4.
In a recent report about Volkswagen Group’s goals to overtake Tesla in EV sales by 2024, we noted that the Porsche IPO will be imperative in VW Group maximising its valuation as it sells its minority stake, offering more cash flow for accelerating its own transition to electrification. The current IPO outlook has Porsche valued between 80 billion and 90 billion euros ($81.4–$92.2 billion).
Looking ahead, Porsche has already shared that the all-electric Macan has been pushed a year into 2024. That said, this news of a bespoke electric SUV feels timely as Porsche looks to stay in the good graces of the market ahead of its IPO.
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